Nexans CEO, members of the board of directors and management have agreed to take pay cuts as a sign of solidarity and for social cohesion, the company said on April 7.
Christopher Guérin, CEO of Nexans, has committed to reducing his compensation by 30% for the months of April and May 2020. The other members of the executive committee have agreed to reduce theirs by 15% over the same period, and the group’s top managers will be asked to join in this effort as well. The members of the board of directors and its chairman, Jean Mouton, will similarly reduce their remuneration by 30%, for the months of April and May 2020.
The company said remote working has been implemented for all positions where possible. Nexan will only use partial unemployment according to the needs identified, for periods as limited as possible. For its frontline employees, who must attend production, logistics sites and installation, Nexan has implemented an exceptional bonus of 750€ (US$817) monthly which will be awarded for the entire duration of the crisis.
“The whole group, at all levels, is engaged every day in respecting safety standards and sanitary measures, maintaining our production, and delivering products and services to our customers. We are already working on an industrial recovery plan to be deployed countries per country. This next phase must be thought, defined, imagined now at all levels and for all the challenges we face. A new world for a new Nexans, and we are ready for it,” Guérin said.
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